FX.co ★ Forecast of GBP/JPY for August 05, 2014

The pair is trading below the hourly moving averages. In today's Asia's session, the pair moved to 173.13 rejected at 34hr sma and hit the 12ema as well. The pair looks favorable to buy only above 173.16 for a target at 173.40, 173.85 and 174 levels.

On a daily closing basis, if the pair closes above 173.10, the weekly trend turns to positive, if not again it will look at 172.36-172 levels.

Taking into account a weekly closure below 172.20, it will extend its bearish move to 170.95 levels.

Intraday - buy only above 173.20.